EQUINOR ASA-SPON ADR (EQNR) Fundamental Analysis & Valuation

NYSE:EQNR • US29446M1027

Current stock price

38.96 USD
+0.41 (+1.06%)
At close:
38.44 USD
-0.52 (-1.33%)
After Hours:

This EQNR fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

6

1. EQNR Profitability Analysis

1.1 Basic Checks

  • In the past year EQNR was profitable.
  • In the past year EQNR had a positive cash flow from operations.
  • Each year in the past 5 years EQNR has been profitable.
  • EQNR had a positive operating cash flow in each of the past 5 years.
EQNR Yearly Net Income VS EBIT VS OCF VS FCFEQNR Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20B 40B 60B

1.2 Ratios

  • EQNR has a Return On Assets (3.83%) which is in line with its industry peers.
  • Looking at the Return On Equity, with a value of 12.48%, EQNR is in the better half of the industry, outperforming 69.38% of the companies in the same industry.
  • Looking at the Return On Invested Capital, with a value of 21.37%, EQNR belongs to the top of the industry, outperforming 97.13% of the companies in the same industry.
  • EQNR had an Average Return On Invested Capital over the past 3 years of 23.95%. This is in line with the industry average of 23.10%.
Industry RankSector Rank
ROA 3.83%
ROE 12.48%
ROIC 21.37%
ROA(3y)6.27%
ROA(5y)8.57%
ROE(3y)19.26%
ROE(5y)26.6%
ROIC(3y)23.95%
ROIC(5y)29.53%
EQNR Yearly ROA, ROE, ROICEQNR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 40

1.3 Margins

  • EQNR's Profit Margin of 4.77% is in line compared to the rest of the industry. EQNR outperforms 46.41% of its industry peers.
  • EQNR's Profit Margin has declined in the last couple of years.
  • With a decent Operating Margin value of 25.85%, EQNR is doing good in the industry, outperforming 68.42% of the companies in the same industry.
  • EQNR's Operating Margin has improved in the last couple of years.
  • Looking at the Gross Margin, with a value of 47.87%, EQNR is in line with its industry, outperforming 56.46% of the companies in the same industry.
  • EQNR's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 25.85%
PM (TTM) 4.77%
GM 47.87%
OM growth 3Y-19.71%
OM growth 5Y27.45%
PM growth 3Y-37.26%
PM growth 5YN/A
GM growth 3Y-9.17%
GM growth 5Y-2.43%
EQNR Yearly Profit, Operating, Gross MarginsEQNR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 40 60

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5

2. EQNR Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so EQNR is creating value.
  • Compared to 1 year ago, EQNR has less shares outstanding
  • The number of shares outstanding for EQNR has been reduced compared to 5 years ago.
  • Compared to 1 year ago, EQNR has a worse debt to assets ratio.
EQNR Yearly Shares OutstandingEQNR Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B
EQNR Yearly Total Debt VS Total AssetsEQNR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50B 100B 150B

2.2 Solvency

  • An Altman-Z score of 2.71 indicates that EQNR is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • EQNR has a better Altman-Z score (2.71) than 77.03% of its industry peers.
  • The Debt to FCF ratio of EQNR is 5.22, which is a neutral value as it means it would take EQNR, 5.22 years of fcf income to pay off all of its debts.
  • EQNR's Debt to FCF ratio of 5.22 is fine compared to the rest of the industry. EQNR outperforms 67.46% of its industry peers.
  • EQNR has a Debt/Equity ratio of 0.64. This is a neutral value indicating EQNR is somewhat dependend on debt financing.
  • EQNR's Debt to Equity ratio of 0.64 is in line compared to the rest of the industry. EQNR outperforms 42.58% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.64
Debt/FCF 5.22
Altman-Z 2.71
ROIC/WACC2.71
WACC7.89%
EQNR Yearly LT Debt VS Equity VS FCFEQNR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10B 20B 30B 40B 50B

2.3 Liquidity

  • EQNR has a Current Ratio of 1.24. This is a normal value and indicates that EQNR is financially healthy and should not expect problems in meeting its short term obligations.
  • EQNR has a Current ratio (1.24) which is in line with its industry peers.
  • A Quick Ratio of 1.13 indicates that EQNR should not have too much problems paying its short term obligations.
  • The Quick ratio of EQNR (1.13) is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 1.24
Quick Ratio 1.13
EQNR Yearly Current Assets VS Current LiabilitesEQNR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20B 40B 60B

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4

3. EQNR Growth Analysis

3.1 Past

  • EQNR shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -22.98%.
  • The Earnings Per Share has been growing by 54.69% on average over the past years. This is a very strong growth
  • EQNR shows a small growth in Revenue. In the last year, the Revenue has grown by 3.24%.
  • Measured over the past years, EQNR shows a quite strong growth in Revenue. The Revenue has been growing by 18.26% on average per year.
EPS 1Y (TTM)-22.98%
EPS 3Y-29.61%
EPS 5Y54.69%
EPS Q2Q%28.57%
Revenue 1Y (TTM)3.24%
Revenue growth 3Y-10.78%
Revenue growth 5Y18.26%
Sales Q2Q%-4.38%

3.2 Future

  • EQNR is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 6.62% yearly.
  • EQNR is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 1.05% yearly.
EPS Next Y51.82%
EPS Next 2Y17.05%
EPS Next 3Y10.09%
EPS Next 5Y6.62%
Revenue Next Year9.98%
Revenue Next 2Y0.53%
Revenue Next 3Y1.05%
Revenue Next 5YN/A

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
EQNR Yearly Revenue VS EstimatesEQNR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 50B 100B 150B
EQNR Yearly EPS VS EstimatesEQNR Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 2 4 6

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7

4. EQNR Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 15.58, which indicates a correct valuation of EQNR.
  • Based on the Price/Earnings ratio, EQNR is valued a bit cheaper than the industry average as 66.51% of the companies are valued more expensively.
  • EQNR's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 26.78.
  • Based on the Price/Forward Earnings ratio of 10.25, the valuation of EQNR can be described as reasonable.
  • Based on the Price/Forward Earnings ratio, EQNR is valued cheaply inside the industry as 81.82% of the companies are valued more expensively.
  • EQNR's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 23.54.
Industry RankSector Rank
PE 15.58
Fwd PE 10.25
EQNR Price Earnings VS Forward Price EarningsEQNR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, EQNR is valued cheaply inside the industry as 99.04% of the companies are valued more expensively.
  • Based on the Price/Free Cash Flow ratio, EQNR is valued a bit cheaper than the industry average as 64.59% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 16.25
EV/EBITDA 2.38
EQNR Per share dataEQNR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30 40

4.3 Compensation for Growth

  • EQNR's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • EQNR has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)0.3
PEG (5Y)0.28
EPS Next 2Y17.05%
EPS Next 3Y10.09%

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5

5. EQNR Dividend Analysis

5.1 Amount

  • EQNR has a Yearly Dividend Yield of 3.91%. Purely for dividend investing, there may be better candidates out there.
  • EQNR's Dividend Yield is a higher than the industry average which is at 3.24.
  • Compared to an average S&P500 Dividend Yield of 1.83, EQNR pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.91%

5.2 History

  • The dividend of EQNR is nicely growing with an annual growth rate of 20.87%!
  • EQNR has been paying a dividend for at least 10 years, so it has a reliable track record.
Dividend Growth(5Y)20.87%
Div Incr Years0
Div Non Decr Years0
EQNR Yearly Dividends per shareEQNR Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2 4 6

5.3 Sustainability

  • 94.98% of the earnings are spent on dividend by EQNR. This is not a sustainable payout ratio.
  • EQNR's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP94.98%
EPS Next 2Y17.05%
EPS Next 3Y10.09%
EQNR Yearly Income VS Free CF VS DividendEQNR Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10B 20B
EQNR Dividend Payout.EQNR Dividend Payout, showing the Payout Ratio.EQNR Dividend Payout.PayoutRetained Earnings

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EQNR Fundamentals: All Metrics, Ratios and Statistics

EQUINOR ASA-SPON ADR

NYSE:EQNR (4/10/2026, 8:19:27 PM)

After market: 38.44 -0.52 (-1.33%)

38.96

+0.41 (+1.06%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-04
Earnings (Next)05-06
Inst Owners19.24%
Inst Owner Change0%
Ins Owners0%
Ins Owner ChangeN/A
Market Cap97.11B
Revenue(TTM)105.83B
Net Income(TTM)5.04B
Analysts50.27
Price Target35.38 (-9.19%)
Short Float %2.6%
Short Ratio2.59
Dividend
Industry RankSector Rank
Dividend Yield 3.91%
Yearly Dividend1.83
Dividend Growth(5Y)20.87%
DP94.98%
Div Incr Years0
Div Non Decr Years0
Ex-Date05-15
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-5.71%
Min EPS beat(2)-36.86%
Max EPS beat(2)25.44%
EPS beat(4)1
Avg EPS beat(4)-9.04%
Min EPS beat(4)-36.86%
Max EPS beat(4)25.44%
EPS beat(8)4
Avg EPS beat(8)-0.56%
EPS beat(12)6
Avg EPS beat(12)-1.17%
EPS beat(16)8
Avg EPS beat(16)1.03%
Revenue beat(2)2
Avg Revenue beat(2)16.68%
Min Revenue beat(2)10.59%
Max Revenue beat(2)22.78%
Revenue beat(4)4
Avg Revenue beat(4)13.25%
Min Revenue beat(4)8.5%
Max Revenue beat(4)22.78%
Revenue beat(8)6
Avg Revenue beat(8)6.03%
Revenue beat(12)7
Avg Revenue beat(12)1.98%
Revenue beat(16)10
Avg Revenue beat(16)0.83%
PT rev (1m)34.34%
PT rev (3m)44.33%
EPS NQ rev (1m)13.29%
EPS NQ rev (3m)23.61%
EPS NY rev (1m)39.7%
EPS NY rev (3m)32.45%
Revenue NQ rev (1m)10.59%
Revenue NQ rev (3m)30.76%
Revenue NY rev (1m)16.97%
Revenue NY rev (3m)20.65%
Valuation
Industry RankSector Rank
PE 15.58
Fwd PE 10.25
P/S 0.92
P/FCF 16.25
P/OCF 4.86
P/B 2.4
P/tB 2.82
EV/EBITDA 2.38
EPS(TTM)2.5
EY6.42%
EPS(NY)3.8
Fwd EY9.76%
FCF(TTM)2.4
FCFY6.15%
OCF(TTM)8.01
OCFY20.57%
SpS42.46
BVpS16.22
TBVpS13.83
PEG (NY)0.3
PEG (5Y)0.28
Graham Number30.2
Profitability
Industry RankSector Rank
ROA 3.83%
ROE 12.48%
ROCE 27.05%
ROIC 21.37%
ROICexc 26.42%
ROICexgc 28.5%
OM 25.85%
PM (TTM) 4.77%
GM 47.87%
FCFM 5.65%
ROA(3y)6.27%
ROA(5y)8.57%
ROE(3y)19.26%
ROE(5y)26.6%
ROIC(3y)23.95%
ROIC(5y)29.53%
ROICexc(3y)32.15%
ROICexc(5y)41.73%
ROICexgc(3y)34.7%
ROICexgc(5y)44.98%
ROCE(3y)31.38%
ROCE(5y)38.51%
ROICexgc growth 3Y-30.17%
ROICexgc growth 5Y52.47%
ROICexc growth 3Y-30.28%
ROICexc growth 5Y53.1%
OM growth 3Y-19.71%
OM growth 5Y27.45%
PM growth 3Y-37.26%
PM growth 5YN/A
GM growth 3Y-9.17%
GM growth 5Y-2.43%
F-Score5
Asset Turnover0.8
Health
Industry RankSector Rank
Debt/Equity 0.64
Debt/FCF 5.22
Debt/EBITDA 0.65
Cap/Depr 112.19%
Cap/Sales 13.22%
Interest Coverage 41.14
Cash Conversion 50.14%
Profit Quality 118.5%
Current Ratio 1.24
Quick Ratio 1.13
Altman-Z 2.71
F-Score5
WACC7.89%
ROIC/WACC2.71
Cap/Depr(3y)111.69%
Cap/Depr(5y)107.68%
Cap/Sales(3y)11.67%
Cap/Sales(5y)9.97%
Profit Quality(3y)119.49%
Profit Quality(5y)138.67%
High Growth Momentum
Growth
EPS 1Y (TTM)-22.98%
EPS 3Y-29.61%
EPS 5Y54.69%
EPS Q2Q%28.57%
EPS Next Y51.82%
EPS Next 2Y17.05%
EPS Next 3Y10.09%
EPS Next 5Y6.62%
Revenue 1Y (TTM)3.24%
Revenue growth 3Y-10.78%
Revenue growth 5Y18.26%
Sales Q2Q%-4.38%
Revenue Next Year9.98%
Revenue Next 2Y0.53%
Revenue Next 3Y1.05%
Revenue Next 5YN/A
EBIT growth 1Y-11.04%
EBIT growth 3Y-28.36%
EBIT growth 5Y50.72%
EBIT Next Year62.28%
EBIT Next 3Y8.77%
EBIT Next 5Y3.16%
FCF growth 1Y-17.99%
FCF growth 3Y-39.15%
FCF growth 5Y25.63%
OCF growth 1Y2.6%
OCF growth 3Y-17.16%
OCF growth 5Y13.97%

EQUINOR ASA-SPON ADR / EQNR Fundamental Analysis FAQ

What is the ChartMill fundamental rating of EQUINOR ASA-SPON ADR (EQNR) stock?

ChartMill assigns a fundamental rating of 5 / 10 to EQNR.


What is the valuation status of EQUINOR ASA-SPON ADR (EQNR) stock?

ChartMill assigns a valuation rating of 5 / 10 to EQUINOR ASA-SPON ADR (EQNR). This can be considered as Fairly Valued.


What is the profitability of EQNR stock?

EQUINOR ASA-SPON ADR (EQNR) has a profitability rating of 5 / 10.


Can you provide the PE and PB ratios for EQNR stock?

The Price/Earnings (PE) ratio for EQUINOR ASA-SPON ADR (EQNR) is 15.58 and the Price/Book (PB) ratio is 2.4.


What is the earnings growth outlook for EQUINOR ASA-SPON ADR?

The Earnings per Share (EPS) of EQUINOR ASA-SPON ADR (EQNR) is expected to grow by 51.82% in the next year.